FIRST AIRED: March 24, 2018

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program
0:00
0:00
More Info

COMING UP:Share Opener Variant 2

×

Transcript

00:00:00
>> If you're going on Facebook to get the latest on Tesla, SpaceX, or their media savvy founder, Elon Musk, don't bother. The billionaire entrepreneur announced to his 20 and a half million Twitter followers, Friday, that he and his companies are ditching Facebook. Musk, becoming the most high profile addition to the #DeleteFacebook movement.
00:00:22
And that wasn't the only development Friday. Investigators raided the London offices of Cambridge Analytica, a company at the heart of the Facebook's data sharing scandal that people just can't stop talking about. I'm Conway Gittens in New York, another tough day for Facebook investors. The stock slid another three and a half percent on Friday making this the worst week for the stock since 2012, a week in which investors lost over $50 billion.
00:00:51
Now, while some investors are counting their losses, there's another group that's hitting the like button, short sellers. These investors bet a stock's value will fall and when it does, they make a profit. So far this year, they've walked away with $328 million and counting according to financial analytics firm, S3.
00:01:12
Facebook CEO, Mark Zuckerberg, finally said, I'm sorry, after days of taking a beating in the media, but his apology came too late for politicians and investors. It's been a steady stream of negative news for the social media giant, which began when a whistle blower revealed data on 50 million Facebook users were accessed without permission and shared with the Trump election team, and ended Friday with US lawmakers officially inviting CEO, Mark Zuckerberg, to Capitol Hill to explain what happened.
00:01:42
The date for the testimony was not revealed, but when it occurs, it will create another risk for the stock, with investors watching Zuckerberg get grilled by lawmakers, who'll take every opportunity to score political points in trying to make Facebook look villainous.